Pecaut & Co.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Pecaut & Co. reported 76 stock positions worth $293.6 million. Its top holding was SS Spdrb B 3-12M T-Bill ETF (BILS) at 12.8% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 11.3%) and iShares 0-3 Month Treasury B (SGOV, 9.9%). Compared with Q4 2024, it opened 4 new positions, sold out of 2, added to 30 and reduced 25. The biggest buy was a new position in iShares MSCI USA Min Vol Fac (USMV) and the biggest sale an exit from Global X US Infrastructure (PAVE).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX CITY, IA
- CIK
- 0001597200
- Portfolio Value
- $293.6M (Q1 2025)
- SEC Filing
- 0001398344-25-008587 ↗ filed May 2, 2025
Holdings Value
Holdings 76 stocks · $293.6M
| BILS SS Spdrb B 3-12M T-Bill ETF | 12.75% | 376,233 | $37.4M | Add +2.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 11.32% | 62,387 | $33.2M | Reduce -4.9% |
| SGOV iShares 0-3 Month Treasury B | 9.85% | 287,366 | $28.9M | Add +11.0% |
| TPL Texas Pacific Land Corp. | 6.22% | 13,780 | $18.3M | Reduce -2.3% |
| SPYG SS SPDR P S&P 500 Growth ETF | 4.22% | 153,984 | $12.4M | Add +2.2% |
| VIG Vanguard Dividend Apprec ETF | 3.56% | 53,824 | $10.4M | Add +7.4% |
| GOOG Alphabet Inc. Class C | 3.47% | 65,132 | $10.2M | Reduce -3.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 3.26% | 12 | $9.6M | Reduce -7.7% |
| SPYV SS SPDR P S&P 500 Value ETF | 3.01% | 172,831 | $8.8M | Add +0.8% |
| AAPL Apple Inc. | 2.98% | 39,417 | $8.8M | Reduce -8.7% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 2.68% | 153,751 | $7.9M | Add +3.0% |
| USMV iShares MSCI USA Min Vol Fac | 2.67% | 83,595 | $7.8M | New |
| EMXC iShares MSCI Emr MRK Ex Chna | 2.52% | 134,277 | $7.4M | Add +3.0% |
| COST Costco Wholesale Corp. | 2.40% | 7,446 | $7.0M | Reduce -6.2% |
| SPDW Ste STR SPDR PT DW Eu ETF | 2.18% | 175,687 | $6.4M | Add +2.3% |
| LOW Lowe's Cos Inc. | 1.69% | 21,288 | $5.0M | Reduce -0.3% |
| KNF Knife River Corp. | 1.67% | 54,225 | $4.9M | Reduce -7.4% |
| CIBR First Trust Nasdaq Cybersecu | 1.54% | 71,938 | $4.5M | Add +10.6% |
| AN Autonation Inc. | 1.45% | 26,220 | $4.2M | Reduce -4.7% |
| SPSM SS SPDR P S&P 600 Small Cap | 1.39% | 100,426 | $4.1M | Add +5.9% |
| MSFT Microsoft Corp. | 1.26% | 9,818 | $3.7M | Reduce -11.9% |
| NKE Nike Inc. Class B | 1.23% | 56,912 | $3.6M | Add +43.1% |
| ICE Intercontinental Exchange Inc. | 1.11% | 18,950 | $3.3M | Reduce -0.5% |
| CP Canadian Pacific Kansas City | 1.04% | 43,512 | $3.1M | Reduce -1.3% |
| GRID First TRST Nasd Class Edg Sgiif | 0.99% | 25,804 | $2.9M | Add +7.0% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.77% | 24,647 | $2.3M | Reduce -15.3% |
| WTM White Mountains Insurance GP | 0.77% | 1,167 | $2.2M | No change |
| NVDA Nvidia Corp. | 0.75% | 20,422 | $2.2M | Reduce -8.9% |
| INFL Horizon Kinetics Infl Benef | 0.67% | 48,150 | $2.0M | No change |
| FND Floor & Decor Holdings Inc. Class A | 0.63% | 22,900 | $1.8M | Reduce -0.2% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.51% | 21,587 | $1.5M | New |
| AXP American Express Co. | 0.47% | 5,119 | $1.4M | Reduce -1.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.46% | 3,606 | $1.3M | Reduce -4.4% |
| ORCL Oracle Corp. | 0.41% | 8,587 | $1.2M | Reduce -10.3% |
| UNP Union Pacific Corp. | 0.40% | 4,988 | $1.2M | Add +2.6% |
| LB Landbridge Co. LLC-A | 0.39% | 15,990 | $1.2M | Add +6.6% |
| WMT Walmart Inc. | 0.38% | 12,613 | $1.1M | Reduce -2.4% |
| GLDM SPDR Gold Minishares Trust | 0.37% | 17,604 | $1.1M | Add +54.9% |
| VEA Vanguard Ftse Developed ETF | 0.37% | 21,121 | $1.1M | Add +0.8% |
| URI United Rentals Inc. | 0.35% | 1,653 | $1.0M | Add +0.1% |
| FWONA Liberty Media Corp. Class A | 0.34% | 12,408 | $1.0M | No change |
| BWXT BWX Technologies Inc. | 0.32% | 9,635 | $950K | No change |
| BLDR Builders Firstsource Inc. | 0.31% | 7,304 | $913K | Add +8.4% |
| MSB Mesabi Trust | 0.31% | 33,809 | $912K | Add +2.9% |
| WPM Wheaton Precious Metals Corp. | 0.31% | 11,550 | $897K | Add +4.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.30% | 5,067 | $875K | Add +1.2% |
| ESGV Vanguard ESG US Stock ETF | 0.28% | 8,295 | $813K | Add +1.8% |
| NRP Natural Resource Partners LP | 0.26% | 7,300 | $758K | Add +7.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.25% | 2,842 | $735K | Add +4.2% |
| JNJ Johnson & Johnson | 0.23% | 4,033 | $669K | Reduce -14.4% |
| ACI Albertsons Cos Inc. Class A | 0.23% | 30,400 | $668K | No change |
| TDW Tidewater Inc. | 0.22% | 15,000 | $634K | No change |
| CASY Casey's General Stores Inc. | 0.21% | 1,425 | $619K | No change |
| XSORX Source Capital Inc. | 0.21% | 14,582 | $605K | Add +1.4% |
| SHV iShares 0-1 Year Treasury Bo | 0.19% | 5,156 | $570K | Reduce -4.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.18% | 2,365 | $524K | Add +3.0% |
| NE Noble Corp. PLC | 0.16% | 19,528 | $463K | Reduce -20.4% |
| RLI Rli Corp. | 0.11% | 3,983 | $320K | No change |
| ESGD iShares Trust iShares ESG Aw | 0.10% | 3,740 | $306K | Add +3.0% |
| BOC Boston Omaha Corp. Class A | 0.10% | 20,900 | $305K | No change |
| LXU LSB Industries Inc. | 0.10% | 43,500 | $287K | Add +13.0% |
| CNI Canadian Natl Railway Co. | 0.09% | 2,850 | $278K | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.09% | 6,500 | $272K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 475 | $266K | Add +3.5% |
| ELV Elevance Health Inc. | 0.09% | 600 | $261K | Reduce -14.3% |
| PGR Progressive Corp. | 0.09% | 900 | $255K | No change |
| CINF Cincinnati Financial Corp. | 0.08% | 1,653 | $244K | No change |
| IWD iShares Russell 1000 Value E | 0.08% | 1,265 | $238K | New |
| RCG Renn Fund Inc. | 0.07% | 86,050 | $219K | No change |
| IHAK iShares Cybersecurity & Tech | 0.07% | 4,638 | $218K | Reduce -3.0% |
| ADP Automatic Data Processing | 0.07% | 700 | $214K | No change |
| TSLA Tesla Inc. | 0.07% | 825 | $214K | No change |
| IWF iShares Russell 1000 Growth | 0.07% | 587 | $212K | Add +16.5% |
| UFCS United Fire Group Inc. | 0.07% | 7,200 | $212K | Reduce -12.2% |
| PHYS Sprott Physical Gold Trust | 0.07% | 8,700 | $209K | New |
| SJT San Juan Basin Royalty TR | 0.02% | 10,000 | $55K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $319K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 11,519 | $319K | Reduce -3.4% |
Total filed on the 13F, all lines: $293.9M.
Portfolio Sells Q4 2024 → Q1 2025
| PAVE Global X US Infrastructure | Sold out | 0.00% | −2.71 |
| GOOG Alphabet Inc. Class C | Reduce -3.5% | 3.47% | −0.98 |
| AAPL Apple Inc. | Reduce -8.7% | 2.98% | −0.75 |
| KNF Knife River Corp. | Reduce -7.4% | 1.67% | −0.39 |
| MSFT Microsoft Corp. | Reduce -11.9% | 1.26% | −0.37 |
| NVDA Nvidia Corp. | Reduce -8.9% | 0.75% | −0.29 |
| AN Autonation Inc. | Reduce -4.7% | 1.45% | −0.17 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -0.2% | 0.63% | −0.16 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -15.3% | 0.77% | −0.15 |
| ORCL Oracle Corp. | Reduce -10.3% | 0.41% | −0.14 |
| LOW Lowe's Cos Inc. | Reduce -0.3% | 1.69% | −0.13 |
| COST Costco Wholesale Corp. | Reduce -6.2% | 2.40% | −0.11 |
| NE Noble Corp. PLC | Reduce -20.4% | 0.16% | −0.11 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -4.4% | 0.46% | −0.08 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.08 |
| CP Canadian Pacific Kansas City | Reduce -1.3% | 1.04% | −0.06 |
| AXP American Express Co. | Reduce -1.0% | 0.47% | −0.06 |
| WMT Walmart Inc. | Reduce -2.4% | 0.38% | −0.03 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -4.4% | 0.19% | −0.01 |
| UFCS United Fire Group Inc. | Reduce -12.2% | 0.07% | −0.01 |
| JNJ Johnson & Johnson | Reduce -14.4% | 0.23% | −0.01 |
| IHAK iShares Cybersecurity & Tech | Reduce -3.0% | 0.07% | −0.01 |
| ELV Elevance Health Inc. | Reduce -14.3% | 0.09% | −0.00 |
| ICE Intercontinental Exchange Inc. | Reduce -0.5% | 1.11% | +0.13 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -7.7% | 3.26% | +0.21 |
| TPL Texas Pacific Land Corp. | Reduce -2.3% | 6.22% | +0.83 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.9% | 11.32% | +1.04 |
Portfolio Buys Q4 2024 → Q1 2025
| USMV iShares MSCI USA Min Vol Fac | New | 2.67% | +2.67 |
| SGOV iShares 0-3 Month Treasury B | Add +11.0% | 9.85% | +0.88 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.51% | +0.51 |
| NKE Nike Inc. Class B | Add +43.1% | 1.23% | +0.19 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Add +2.6% | 12.75% | +0.18 |
| GLDM SPDR Gold Minishares Trust | Add +54.9% | 0.37% | +0.17 |
| VIG Vanguard Dividend Apprec ETF | Add +7.4% | 3.56% | +0.17 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +2.3% | 2.18% | +0.15 |
| CIBR First Trust Nasdaq Cybersecu | Add +10.6% | 1.54% | +0.12 |
| WPM Wheaton Precious Metals Corp. | Add +4.5% | 0.31% | +0.09 |
| IWD iShares Russell 1000 Value E | New | 0.08% | +0.08 |
| PHYS Sprott Physical Gold Trust | New | 0.07% | +0.07 |
| LB Landbridge Co. LLC-A | Add +6.6% | 0.39% | +0.06 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +3.0% | 2.52% | +0.02 |
| VEA Vanguard Ftse Developed ETF | Add +0.8% | 0.37% | +0.02 |
| UNP Union Pacific Corp. | Add +2.6% | 0.40% | +0.02 |
| ESGD iShares Trust iShares ESG Aw | Add +3.0% | 0.10% | +0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +1.2% | 0.30% | +0.01 |
| IWF iShares Russell 1000 Growth | Add +16.5% | 0.07% | +0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +4.2% | 0.25% | +0.00 |
| GRID First TRST Nasd Class Edg Sgiif | Add +7.0% | 0.99% | −0.00 |
| NRP Natural Resource Partners LP | Add +7.3% | 0.26% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +3.5% | 0.09% | −0.00 |
| LXU LSB Industries Inc. | Add +13.0% | 0.10% | −0.00 |
| MSB Mesabi Trust | Add +2.9% | 0.31% | −0.01 |
| XSORX Source Capital Inc. | Add +1.4% | 0.21% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +3.0% | 0.18% | −0.01 |
| ESGV Vanguard ESG US Stock ETF | Add +1.8% | 0.28% | −0.02 |
| BLDR Builders Firstsource Inc. | Add +8.4% | 0.31% | −0.02 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +0.8% | 3.01% | −0.02 |
| URI United Rentals Inc. | Add +0.1% | 0.35% | −0.05 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +5.9% | 1.39% | −0.08 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +3.0% | 2.68% | −0.14 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +2.2% | 4.22% | −0.36 |
Notes & Other Activity Q4 2024 → Q1 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Reduce -3.4% | 11,519 | $319K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 65 | $328.2M | BRK.B, BILS, VCSH, EMXC, GOOG |
| Q1 2026 | 66 | $308.0M | BRK.B, BILS, VCSH, SGOV, EMXC |
| Q4 2025 | 70 | $310.0M | BILS, BRK.B, SGOV, GOOG, SPYG |
| Q3 2025 | 78 | $311.0M | BILS, BRK.B, SGOV, SPYG, GOOG |
| Q2 2025 | 81 | $301.0M | BILS, BRK.B, SGOV, TPL, SPYG |
| Q1 2025 | 76 | $293.6M | BILS, BRK.B, SGOV, TPL, SPYG |
| Q4 2024 | 74 | $289.4M | BILS, BRK.B, SGOV, TPL, SPYG |
| Q3 2024 | 72 | $282.1M | BILS, BRK.B, SGOV, TPL, GOOG |
| Q2 2024 | 69 | $263.7M | SGOV, BRK.B, BILS, GOOG, AAPL |
| Q1 2024 | 77 | $267.6M | SGOV, BRK.B, BILS, GOOG, AAPL |